Next resistance at 9.7k. What are your thoughts on May movement?

[Ebenezar64]

There is a lot of discussions going on if this is a bull-run, a bull-trap or consolidation. I don't think anyone really knows but maybe together we could figure some things out. Here are my thoughts:

• Next major resistance for BTC is at 9700 USD. Already testing this once and had a drastic drop
• Turned around at 8700 USD and have been steadily climbing since back over 9k. This shows continued strength

I think we are in a short-term consolidation between 8.7-9.7k where these two levels will determine a more middle-term trend on where BTC will go. If 9.7k is broken there is not much resistance until 11-12k so then we can expect a nice 15-20% gain. On the other hand if we go down below 8.7k then I think next level of resistance isn't until around 7.2-5k which is around 15-20% decrease. So the benefits/risks on either side are about equal so I am avoiding trading this until we can get a clear signal either way and I am also avoiding doing to much movement in my ALTs since this will be determined by BCT.

What are your thoughts?

[Pursuer]

the discussions about this being a bull "trap" ended days ago as soon as price showed a huge buy support and a very solid rise behind it. this is considered as the starting point of the bull run now.

I agree with the rest of the things you said except that I think we may see a bigger rise after the $10k resistance was broken because of some short term FOMO buying that can take place after that.
regarding altcoins I am currently staying away because bitcoin is rising and it can cause a lot of instability among altcoins and I don't want to lose money.

[Leonard2016]

In the market you can see the emotional phases combined with the stage we're in from the top in December all the way down towards the bottom in February. i think Uptrend has no major resistance till 10200 $ , then it has a pullback till around 8500$.

[Ebenezar64]

the discussions about this being a bull "trap" ended days ago as soon as price showed a huge buy support and a very solid rise behind it. this is considered as the starting point of the bull run now.

I agree with the rest of the things you said except that I think we may see a bigger rise after the $10k resistance was broken because of some short term FOMO buying that can take place after that.
regarding altcoins I am currently staying away because bitcoin is rising and it can cause a lot of instability among altcoins and I don't want to lose money.

I agree that the "bull-trap" scenario is a bit unlikely now but still it is worth mentioning since it was a hot topic. I hope that you are right and that FOMO might even drag the price past the first resistance at 11-12k since that is what happened last time. But since it happened last time I think the movements will be a bit "calmer" and more controlled. So I think we are going to encounter resistance and have more retracements even if we go past 10k.

I am still ready in moving a bit to the ALTs since if 10k is broken and a steady bull-trend starts then most ALTs have 50-80% discounts from ATH and could have some nice gains. But I will just be moving to the ALTs that I have researched and that have stayed active, shown progress during the bear market.

[Ctn]

I think we will pass that one easily. I mean BTC has been tested many times and with that test it was around 19K last year. So its no big thing that we will have any trouble crossing the resistance level that is currently going on. Off course the bull run depends on the different news around the world. As far as we can see currently, there seems no more bad news coming out of the market so the up surge is sure one. Currently people will keep buying and selling the normal way but it wont hamper market in negative way at all. So yeah May month seem to be that sling shot to 11K level.

[Thirdspace]

In the market you can see the emotional phases combined with the stage we're in from the top in December all the way down towards the bottom in February. i think Uptrend has no major resistance till 10200 $ , then it has a pullback till around 8500$.

Yes I think it would go even higher up to $12k before hitting big resistance
there goes my chance on getting cheap BTC below $7k support seems pushing upward $8k+ now
but in cryto world, anything can happen a bit FUD and unexplainable FOMO could affect market
if suddenly major exchange got hacked or went scam, price would free fall back to $5000 or lower

[Ebenezar64]

In the market you can see the emotional phases combined with the stage we're in from the top in December all the way down towards the bottom in February. i think Uptrend has no major resistance till 10200 $ , then it has a pullback till around 8500$.

Yes I think it would go even higher up to $12k before hitting big resistance
there goes my chance on getting cheap BTC below $7k support seems pushing upward $8k+ now
but in cryto world, anything can happen a bit FUD and unexplainable FOMO could affect market
if suddenly major exchange got hacked or went scam, price would free fall back to $5000 or lower

Yes I think that is something important to remember. FUD can come from anywhere and big movements can still be affected by large holders (+1000 BTC). BTC could go to 12-15k but also down to 5k, it is hard to predict. But it is interesting to try and if you are quick to identify the trend you can make some quick profits.

[tomahawk9]

I think we're in a consolidation phase before the next spike in the price. I believe we're going to test 9.7k again over the next couple of weeks, once we go past that figure, we might enter a new Bitcoin uptrend. And just like @Pursuer said earlier, I also think FOMO will kick in once we reach 10k, simply because the 'psychological barrier' that a 5-figure price represents to newcomers and investors will be broken and that could be just the trigger that we needed to start the next Bitcoin rally.

[yhoga45]

Hopefully, we can clear hit $9700, I had invested a little on altcoins because I think the market is back to normal, there is no FUD again after we crashed at the beginning of the year. I lose my investment and now I'm brought back again, please pray together so we can reach it easily  . I hate losing my investment 

[wantjokull]

Thats odd number you have got up there. Why is it 9.7K? and not 10K?

I am not too techie so just asking if there is any way to calculate the resistance level for the same. I am pretty sure that fundamentals says that BTC will keep rising no matter what happens in the next update. The coin has shown us potential before and its always been on one goal, just to rise. I dont think clearing up the 9.7K level would be that difficult for the bitcoin. So I am sure this will happen before the end of next week. Its breaking bad!!

[Ebenezar64]

Thats odd number you have got up there. Why is it 9.7K? and not 10K?

I am not too techie so just asking if there is any way to calculate the resistance level for the same. I am pretty sure that fundamentals says that BTC will keep rising no matter what happens in the next update. The coin has shown us potential before and its always been on one goal, just to rise. I dont think clearing up the 9.7K level would be that difficult for the bitcoin. So I am sure this will happen before the end of next week. Its breaking bad!!

The reason for 9.7k is because this is the level of previous resistance (and earlier support 2 months ago). This is a level I based on the previous history and the resistance haven't coincided with 10k but rather 9.7-9.8k.

[Wandika]

Hopefully, we can clear hit $9700, I had invested a little on altcoins because I think the market is back to normal, there is no FUD again after we crashed at the beginning of the year. I lose my investment and now I'm brought back again, please pray together so we can reach it easily  . I hate losing my investment 

Whenever we lose we should try at least to do better, losing is no room in crypto, we can eventually see our investment grew when crypto era starts, and it will soon to happen.

[1Referee]

It's impossible to say anything of importance when it comes to something that no one here has even a remote answer for.

I think the best thing is to just have a very neutral stance when it comes to the short term market, and not be surprised when we either shoot up or tank back down. My personal thought is that the price is slightly overvalued right now, which if turns out to be the case, we basically don't stand a chance against the $10,000 level. The lower your expectations are, the lower the eventual disappointment in the market.

One thing I am however sure of is that whatever happens, we'll be seeing quite a drastic move to the upper or lower direction. Breaking $10,000 will trigger FOMO sheeples, and a dump back down to low $8000's is enough to make people fear for lower prices. People entering the market for potential very short term gains are just gambling. Every trade right now is basically a 50/50 luck based bet, which isn't something I would ever expose myself to. I took distance from trading days ago already.

[justin86]

If bitcoin cannot break the 9.7 resistance, it will probably decrese again but it does not crash, just decrease $500-$1000 so it will ultimately break 9.7 and be above $10K, this is not something similar to bull trap.

[yhoga45]

Hopefully, we can clear hit $9700, I had invested a little on altcoins because I think the market is back to normal, there is no FUD again after we crashed at the beginning of the year. I lose my investment and now I'm brought back again, please pray together so we can reach it easily  . I hate losing my investment 

Whenever we lose we should try at least to do better, losing is no room in crypto, we can eventually see our investment grew when crypto era starts, and it will soon to happen.

Yeah, I hate but I still have patience here (maybe and always hope training become a patient person), I know if every investment in this world have their risk and for crypto, of course, their price is very volatile. Hopefully, 2 months crypto era begin again and beat the higher price in the end of year 2017

[Sinecoin]

There is a lot of discussions going on if this is a bull-run, a bull-trap or consolidation. I don't think anyone really knows but maybe together we could figure some things out. Here are my thoughts:

• Next major resistance for BTC is at 9700 USD. Already testing this once and had a drastic drop
• Turned around at 8700 USD and have been steadily climbing since back over 9k. This shows continued strength

I think we are in a short-term consolidation between 8.7-9.7k where these two levels will determine a more middle-term trend on where BTC will go. If 9.7k is broken there is not much resistance until 11-12k so then we can expect a nice 15-20% gain. On the other hand if we go down below 8.7k then I think next level of resistance isn't until around 7.2-5k which is around 15-20% decrease. So the benefits/risks on either side are about equal so I am avoiding trading this until we can get a clear signal either way and I am also avoiding doing to much movement in my ALTs since this will be determined by BCT.

What are your thoughts?

I think it's very possible that we could break 9.7 especially since we were that high a few days ago.  Furthermore, the crypto market seems to be in a recovery phase, even if it has slowed down in the past few days, but i think that be experiencing bigger rises in the upcoming months.  With that being said, it is also very possible that this was just a bull trap and prices will keep crashing.

[joshy23]

Hopefully, we can clear hit $9700, I had invested a little on altcoins because I think the market is back to normal, there is no FUD again after we crashed at the beginning of the year. I lose my investment and now I'm brought back again, please pray together so we can reach it easily  . I hate losing my investment 

Whenever we lose we should try at least to do better, losing is no room in crypto, we can eventually see our investment grew when crypto era starts, and it will soon to happen.

Accepting the challenge will be a much better point of view each time you failed assuming that your entry was correct, if you can take this as another level of challenge to improve yourself, then it will take a positive impact to your capability, assuming that we are still in the bounce back period and its still trying to hold between $8k-$9.5k, I might suggest that holding for some more time is way better than shorting and try playing with the fluctuations.

[Baofeng]

Thats odd number you have got up there. Why is it 9.7K? and not 10K?

This is exactly my thoughts are. $10K should be the next mental barrier and if we can broke it then $11K-$12K is so easy  to breach as well.

I am not too techie so just asking if there is any way to calculate the resistance level for the same. I am pretty sure that fundamentals says that BTC will keep rising no matter what happens in the next update. The coin has shown us potential before and its always been on one goal, just to rise. I dont think clearing up the 9.7K level would be that difficult for the bitcoin. So I am sure this will happen before the end of next week. Its breaking bad!!

Sometimes you don't need to be technical. But if you have experienced and see how bitcoin grows in the last couple of years, I'm sure your common sense will tell you where the "possible" resistance and consolidation might occur.

[Coin-1]

I think that the "whales" don't want yet to show a bull run on Bitcoin, because too many "hamsters" are still holding the coins bought on the high levels. The large investors can wait with pumping BTC and look at some altcoins, for example, EOS which soared 300% during a month. In my opinion, the next resistance level of Bitcoin is $10000. Anyway BTC won't grow fast.

[pooya87]

i have a feeling that some big player (a bear whale) doesn't want to see the price go up yet which is why we keep seeing these huge dumps like what is happening right now where price rises up with a nice buy support but a sudden big dump crushes the rise attempt with a big red candle being the evidence on the charts. you can see price reached $9444 then someone dumped a large amount of bitcoin on it and it came back down to $9200 range.
i wonder how long this is going to last though, because the buy support is still pretty strong.